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Savory Snacks Market is expected to witness the highest growth rate of 5.5% on the global level

Market Definition:

Savory snacks are produced using various raw materials including vegetables, fruits, tree nuts, grains, vegetable oils and seasonings. Most popular form of savory snacks include corn chips/ tortillas, puffed and baked snacks, savory biscuits and others. Growth in the “on-the-go” convenience market has fueled the demand for savory snacks market on a global platform. Increased demand for savory snacks from the Asia Pacific region is anticipated to support the rising sales of savory snacks, globally.

Market Scenario:

Mounting growth rate of savory snacks including savory chips in the developing countries, is increasing the demand the product across the region. Shift in consumers’ food consumption trend is also anticipated to attract the consumers towards the range available in savory snacks. Moreover, convenience packed food products created a demand for improved savory snacks product line, which has positively impacted the market growth of savory snacks.

Furthermore, focus on the R&D and investments in the same have led to new product launch in the range, which has further added to the growth of this market. Additionally, improvement in the production process and development of improved products from the major key players is supporting the growth of the global savory snacks market during the forecast period, 2017-2023.

On the basis of the type, it is segmented into potato chips, processed snacks, popcorn, nuts and others. Among all, the potato chips segment is dominating the market owing to its high preference by the consumers. However, processed snacks segment is projected to witness high growth rate during the review period due to the shift in consumers’ food preferences.

On the basis of distribution channel, it is segmented into store-based and non-store based. Among all, the store based segment is dominating the market given to convenience shopping and one-stop shopping experience. However, changing global scenario and rapid adoption of technology by the consumers’ will support the sales of savory snacks through e-commerce on a global platform.

Regional Analysis:

The global savory snacks market is segmented into North America, Europe, Asia Pacific, and rest of the world (RoW). North America is dominating the savory snacks market followed by Europe. U.S., in the North American region is witnessing a high demand for savory snacks from the convenience food products manufacturers. Moreover, increased consumption for processed snacks, savory biscuits, and chips in China, India and Japan is supporting the growth of the savory snacks market in Asia Pacific region.

Asia Pacific is the fastest growing region for savory snacks market owing to increasing demand for the product in the markets of India, Indonesia, and Japan.

The global savory snacks market is segmented into the following regions